There Has to Be an Easier Way!

[LoriRutl]

I agree Frank. Service on a Med Supp is much easier than MA's or MAPD's. A lot less of it!

 

[briko3]

Frank, what's the commission rate for the average med supp?

 

[Frank Stastny]

Frank, what's the commission rate for the average med supp?

It can vary dramatically from state to state. My average commission with the companies I am currently using is 18.6%

 

[jdeasy]

Agents are fed this garbage by recruiters. Here's a solititation I got today;

"Easy to qualify for Maui convention trip 2010"

"$200 Lead Credit for 2,000 ap each cal month"

"105% First YR/Level Renewals for 10 years"

"10/20/30/40 YR Level Term Comms 105% 1st year"

"Term Renewals are 3.5% for 10 years"

"No production requirements"

Wow! What a deal!!! This was an unsoliticed mailer to my home.

I just got off the phone with an agent in Texas that I'm helping because he gets nothing from his upline except "rah-rah" talk. He said, "this is nothing like how they said it was going to be when they recruited me". No kidding.

 

[xrac]

How many times do you see, I just got my lic and now what do I do? I want to ask them why did they get their lic and what was their plan to start with. I always wonder who lied to brand new agents that think they will get rich quick and do little work. If you are lazy and not going to work hard, then you won't be an insurance agent for long. Am I the only one that hears these things daily?

Great posts Mark. We see it on this forum all the time. Just got my license, going to get my license, etc. Got no money! Got no experience! Got no mentor! I am going Indy NOW what do I do? What do I sell? Where do I get leads? Etc? Etc? Etc? 99% of these people don't stand a snowballs chance where it is hot of making it.

 

[YouGotMyMoney]

Although I have never really found it important to keep track, I know that is takes less than three hours of calling to sell a Med Supp policy.

One app per day will generate about $75,000 in commission income when selling Med Supps. Med Supps usually pay first year commission for the first six years. Not a bad chunk of change for a one call sale with virtually no service work.

Do most of your Senior clients stick with the same med supp for six years? And if they don't and you switch them to a different carrier, does the "6 years of 1 st yr commission" start again?

I live in South Florida, Very metro/urban area, though it looks a like a retarded cross between a trailer park and a ghetto. I think I read somewhere that MA plans were best used in Metro areas, and Med Supps are used in Rural areas, am I off base here?

 

[Franz Kafka]

I once asked a "top producer" in my 1st year how hard it was for me to make a decent living in this business.
She leaned forward and whispered quietly "I just cannot believe how easy this thing is but don't tell anyone because that's a secret". I think I understand what she meant now. Asking people if they want whatever we sell is the easiest thing we can do. Trying to sell them whatever we sell is hard. Believe it or not some people out there really want what we sell and will thank us for selling it to them. There's nothing to convince.

 

[Frank Stastny]

Do most of your Senior clients stick with the same med supp for six years? And if they don't and you switch them to a different carrier, does the "6 years of 1 st yr commission" start again?

I live in South Florida, Very metro/urban area, though it looks a like a retarded cross between a trailer park and a ghetto. I think I read somewhere that MA plans were best used in Metro areas, and Med Supps are used in Rural areas, am I off base here?

I still have as clients seniors I wrote Med Supps on in 1993. Several still have the original policy even though it is very expensive. I've tried, and even I can't seem to roll them into another company.

I also have clients that have had the same Med Supp for at least eight years. They are paying more than they have to, I'm earning less, but they aren't interested in changing yet. However, I'm sure they will be after the next increase.

When I switch them to a new company the six year commission starts all over again. If they keep it longer than six years my commission decreases dramatically.

Today, until all the changes are made, Med Supps are easiest sold in rural areas. This may not be true in the coming months. We will just have to wait and see what happens to the MA plans and see what the premiums are going to be like with the new Standardized Plans.

 

[somarco]

If it were easy, everyone would do this.

 

[Amber Scherloz]

Really sounds too good to be true. If the task of an agent will be this easy then I guess I will not have to work harder for a bigger income. In this business there is a relationship with hate and love because we have to invest money and effort in order to harvest the what we have planted.